Managed Portfolio Service
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1 Managed Portfolio Service Defensive Portfolio Factsheet MARCH 2019 MARKET OVERVIEW The cautiously optimistic tones that have been heard across markets this year continued throughout the month of March. US markets in particular enjoyed a period of relative outperformance, aided in part by robust economic data and a rally in technology stocks that, to date, have managed to reverse nearly all of their losses incurred in the last quarter of Even domestic markets, which continue to be hampered by the issues around Brexit, managed to post moderate gains over the month. The increasing probability of a softer Brexit has helped lift the pound and has also provided some support for small and medium-sized UK companies which would be most at risk from a hard landing. INVESTMENT OBJECTIVE The Defensive portfolio is designed to achieve a total return in excess of the Consumer Price Index plus 1% per annum, over a rolling 5 year basis net of fees. The portfolio is globally diversified and contains multi asset investments including equities, fixed income, property, absolute return funds and cash. There is no guarantee that the objective will be met or that a positive return will be delivered over any time period and capital is at risk. ASSET ALLOCATION 47.40% FIXED INCOME 2 EQUITIES 5.00% PROPERTY 17.00% ALTERNATIVES 7.10% CASH The hopes that the worst of the US/China trade concerns could be behind us lifted equities in Emerging Markets. Economic data from China has been broadly positive and there remains optimism over the Government s stimulus plans to further boost economic expansion. Increasing clarity over the direction and pace of global interest rates provided strong support for longer-dated bonds and our holdings in this space performed well during the month. UK-based inflationlinked bonds also rose during the period as concerns over rising inflation and the possibility of a weaker pound came to the fore. Whilst it s fair to say that global growth is certainly cooling, it appears that, for now at least, markets aren t paying too much attention to the glass half empty recessionary fears that were stealing headlines at the end of last year. It is of course tempting to focus purely on the positives, but with many of the headwinds felt in 2018 remaining present, we prefer instead to focus on the longer-term outlook. TACTICAL DEVIATION FIXED INCOME -4.60% EQUITIES - PROPERTY 0.00% ALTERNATIVES CASH 2.10% EQUITY BREAKDOWN 46.81% UNITED KINGDOM THIS MONTH S ACTIVITY Once it had become apparent that the UK would not be leaving the EU on the agreed date of 29th March, we reduced exposure to the UK property sector. Initially, the attractive relative undervaluation of UK property, compared with its overseas peers, meant that there was the potential for an upwards re-rating on the back of a positive Brexit outcome. While we are not at a definitive outcome yet, the likelihood of a softer Brexit has seen the sector perform strongly since the start of the year and the attractive valuation gap has narrowed. We have therefore taken the opportunity to capitalise on these gains and move further into the overseas property sector, focusing more on residential and industrial areas in the US and Europe. FIXED INCOME BREAKDOWN 38.30% NORTH AMERICA 10.64% EUROPE EX UK 0.00% ASIA PACIFIC EX JAPAN 4.26% JAPAN 0.00% EMERGING MARKETS 46.41% STERLING CORPORATE 11.60% UK GOVERNMENT 6.12% UK INDEX LINKED GOVERNMENT 35.86% GLOBAL BONDS
2 PORTFOLIO HOLDINGS (AS AT 28TH MARCH 2019) Premier - Defensive Growth 6.50% TwentyFour - Dynamic Bond Vanguard - Global Bond Index 5.70% Newton - Index Linked Gilt 2.90% Rathbone - Ethical Bond 5.50% Artemis - Income Vanguard - UK Government Bond Index 5.50% BNY Mellon - Emerging Markets Corporate Debt BlackRock - Corporate Bond 5.10% ishares - Global Property Securities Equity Index ishares - US Equity Index 5.00% Premier - Pan European Property Share JPM - Global Macro Opportunities VT - RM Alternative Income Newton - Global Dynamic Bond Institutional JPM - US Equity Income Sanlam - Strategic Bond Merian - North American Equity Pimco GIS - Global Bond 4.30% HSBC - European Index L&G - UK 100 Index Trust JPM - UK Equity Growth Liontrust - Monthly Income Bond 3.90% AXA - Framlington Japan 1.00% Janus Henderson - UK Absolute Return Jupiter - European 1.00% Schroder - Income Cash 7.10% PORTFOLIO INFORMATION 5 YEAR TARGET RETURN (Net of management and underlying fund fees) CPI +1% MANAGEMENT FEE 0.35% + VAT ESTIMATED ANNUAL INCOME YIELD 2.39% ESTIMATED UNDERLYING FUND CHARGES 0.52% NUMBER OF HOLDINGS 27 BLACKFINCH WEALTH MPS PORTFOLIO MANAGERS GARETH DEACON Gareth co-runs the Blackfinch Wealth Managed Portfolio Service. Gareth has 12 years experience in investment management, with expertise in the construction of mainstream investment products for clients and intermediaries. Gareth is a chartered ALEX SUMNER Alex co-runs the Blackfinch Wealth Managed Portfolio Service. He brings nine years investment management experience, with a strong track record in managing private client portfolios and working closely with financial advisers. Alex is a chartered BLACKFINCH WEALTH IS A TRADING NAME OF BLACKFINCH INVESTMENTS LIMITED. BLACKFINCH INVESTMENTS LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. REGISTERED ADDRESS: MONTPELLIER COURT, GLOUCESTER BUSINESS PARK, GLOUCESTER, GL3 4AH. The value of investments and any income from them can fall and you may get back less than you invested. This factsheet is based on a model portfolio. No guarantee can be made as to the composition of any individual portfolio. All figures are correct at the time of compilation. The investment strategy is designed to be applied over a 5 year period and beyond. It is however possible to withdraw capital before this timeframe as all assets held within the portfolio are liquid and trade on a daily basis, however, trading over a shorter term increases the likelihood that target returns will not be met. Any decision to invest in this service should not be based solely on this factsheet but rather made in conjuction with the information contained in the brochure, and the terms and conditions. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of investing and the risk involved. Prospective investors should not treat the contents of this factsheet as advice relating to legal, taxation or other matters. If in any doubt about the proposal discussed in this factsheet, its suitability, or what action should be taken, the investor should consult their own professional advisers. The independent risk profile scores are only for use by financial advisers licensed to use them and do not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. All statements of opinion and/or belief contained in this factsheet and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Blackfinch s own assessment and interpretation of information available as at the date of this publication (March 2019). This factsheet does not constitute, and may not be used for the purposes of, an offer or invitation to treat by any person in any jurisdiction outside the United Kingdom. This factsheet and the information contained in it are not for publication or distribution to persons outside the United Kingdom. The Blackfinch Wealth Managed Portfolio Service may not be suitable for all investors and we would recommend that prospective investors seek independent advice before making a decision. Percentages may not add up to 100 due to rounding.
3 Managed Portfolio Service Cautious Portfolio Factsheet MARCH 2019 MARKET OVERVIEW The cautiously optimistic tones that have been heard across markets this year continued throughout the month of March. US markets in particular enjoyed a period of relative outperformance, aided in part by robust economic data and a rally in technology stocks that, to date, have managed to reverse nearly all of their losses incurred in the last quarter of Even domestic markets, which continue to be hampered by the issues around Brexit, managed to post moderate gains over the month. The increasing probability of a softer Brexit has helped lift the pound and has also provided some support for small and medium-sized UK companies which would be most at risk from a hard landing. INVESTMENT OBJECTIVE The Cautious portfolio is designed to achieve a total return in excess of the Consumer Price Index plus 2% per annum, over a rolling 5 year basis net of fees. The portfolio is globally diversified and contains multi asset investments including equities, fixed income, property, absolute return funds and cash. There is no guarantee that the objective will be met or that a positive return will be delivered over any time period and capital is at risk. ASSET ALLOCATION 34.80% FIXED INCOME 39.50% EQUITIES 5.00% PROPERTY 13.90% ALTERNATIVES 6.80% CASH The hopes that the worst of the US/China trade concerns could be behind us lifted equities in Emerging Markets. Economic data from China has been broadly positive and there remains optimism over the Government s stimulus plans to further boost economic expansion. Increasing clarity over the direction and pace of global interest rates provided strong support for longer-dated bonds and our holdings in this space performed well during the month. UK-based inflation-linked bonds also rose during the period as concerns over rising inflation and the possibility of a weaker pound came to the fore. Whilst it s fair to say that global growth is certainly cooling, it appears that, for now at least, markets aren t paying too much attention to the glass half empty recessionary fears that were stealing headlines at the end of last year. It is of course tempting to focus purely on the positives, but with many of the headwinds felt in 2018 remaining present, we prefer instead to focus on the longer-term outlook. TACTICAL DEVIATION FIXED INCOME -4.20% EQUITIES - PROPERTY 0.00% ALTERNATIVES 3.90% CASH 1.80% EQUITY BREAKDOWN 39.24% UNITED KINGDOM 35.44% NORTH AMERICA THIS MONTH S ACTIVITY Once it had become apparent that the UK would not be leaving the EU on the agreed date of 29th March, we reduced exposure to the UK property sector. Initially, the attractive relative undervaluation of UK property, compared with its overseas peers, meant that there was the potential for an upwards re-rating on the back of a positive Brexit outcome. While we are not at a definitive outcome yet, the likelihood of a softer Brexit has seen the sector perform strongly since the start of the year and the attractive valuation gap has narrowed. We have therefore taken the opportunity to capitalise on these gains and move further into the overseas property sector, focusing more on residential and industrial areas in the US and Europe. FIXED INCOME BREAKDOWN 11.39% EUROPE EX UK 6.33% ASIA PACIFIC EX JAPAN 7.59% JAPAN 0.00% EMERGING MARKETS 51.72% STERLING CORPORATE 10.92% UK GOVERNMENT 5.75% UK INDEX LINKED GOVERNMENT 31.61% GLOBAL BONDS
4 PORTFOLIO HOLDINGS (AS AT 28TH MARCH 2019) ishares - US Equity Index 7.00% Merian - North American Equity L&G - UK 100 Index Trust 5.00% Premier - Pan European Property Share JPM - Global Macro Opportunities 4.60% VT - RM Alternative Income Sanlam - Strategic Bond 4.20% JPM - UK Equity Growth Rathbone - Ethical Bond 4.10% Liontrust - Special Situations Pimco GIS - Global Bond 3.90% Newton - Global Dynamic Bond Vanguard - UK Government Bond Index 3.80% Newton - Index Linked Gilt BlackRock - Corporate Bond 3.60% BNY Mellon - Emerging Markets Corporate Debt 1.90% Premier - Defensive Growth AXA - Framlington Japan Schroder - Income FP CRUX - European Special Situations Janus Henderson - UK Absolute Return 3.30% HSBC - European Index TwentyFour - Dynamic Bond 3.30% Jupiter - European Vanguard - Global Bond Index 3.20% Lindsell Train - Japanese Equity Artemis - Income T. Rowe Price - US Smaller Companies Equity JPM - US Equity Income Veritas - Asian Liontrust - Monthly Income Bond 2.80% ishares - Pacific ex Japan Equity Index 1.00% ishares - Global Property Securities Equity Index Cash 6.80% PORTFOLIO INFORMATION 5 YEAR TARGET RETURN (Net of management and underlying fund fees) CPI +2% MANAGEMENT FEE 0.35% + VAT ESTIMATED ANNUAL INCOME YIELD 2.31% ESTIMATED UNDERLYING FUND CHARGES 0.55% NUMBER OF HOLDINGS 33 BLACKFINCH WEALTH MPS PORTFOLIO MANAGERS GARETH DEACON Gareth co-runs the Blackfinch Wealth Managed Portfolio Service. Gareth has 12 years experience in investment management, with expertise in the construction of mainstream investment products for clients and intermediaries. Gareth is a chartered ALEX SUMNER Alex co-runs the Blackfinch Wealth Managed Portfolio Service. He brings nine years investment management experience, with a strong track record in managing private client portfolios and working closely with financial advisers. Alex is a chartered BLACKFINCH WEALTH IS A TRADING NAME OF BLACKFINCH INVESTMENTS LIMITED. BLACKFINCH INVESTMENTS LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. REGISTERED ADDRESS: MONTPELLIER COURT, GLOUCESTER BUSINESS PARK, GLOUCESTER, GL3 4AH. The value of investments and any income from them can fall and you may get back less than you invested. This factsheet is based on a model portfolio. No guarantee can be made as to the composition of any individual portfolio. All figures are correct at the time of compilation. The investment strategy is designed to be applied over a 5 year period and beyond. It is however possible to withdraw capital before this timeframe as all assets held within the portfolio are liquid and trade on a daily basis, however, trading over a shorter term increases the likelihood that target returns will not be met. Any decision to invest in this service should not be based solely on this factsheet but rather made in conjuction with the information contained in the brochure, and the terms and conditions. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of investing and the risk involved. Prospective investors should not treat the contents of this factsheet as advice relating to legal, taxation or other matters. If in any doubt about the proposal discussed in this factsheet, its suitability, or what action should be taken, the investor should consult their own professional advisers. The independent risk profile scores are only for use by financial advisers licensed to use them and do not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. All statements of opinion and/or belief contained in this factsheet and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Blackfinch s own assessment and interpretation of information available as at the date of this publication (March 2019). This factsheet does not constitute, and may not be used for the purposes of, an offer or invitation to treat by any person in any jurisdiction outside the United Kingdom. This factsheet and the information contained in it are not for publication or distribution to persons outside the United Kingdom. The Blackfinch Wealth Managed Portfolio Service may not be suitable for all investors and we would recommend that prospective investors seek independent advice before making a decision. Percentages may not add up to 100 due to rounding.
5 Managed Portfolio Service Balanced Portfolio Factsheet MARCH 2019 MARKET OVERVIEW The cautiously optimistic tones that have been heard across markets this year continued throughout the month of March. US markets in particular enjoyed a period of relative outperformance, aided in part by robust economic data and a rally in technology stocks that, to date, have managed to reverse nearly all of their losses incurred in the last quarter of Even domestic markets, which continue to be hampered by the issues around Brexit, managed to post moderate gains over the month. The increasing probability of a softer Brexit has helped lift the pound and has also provided some support for small and medium-sized UK companies which would be most at risk from a hard landing. INVESTMENT OBJECTIVE The Balanced portfolio is designed to achieve a total return in excess of the Consumer Price Index plus 3% per annum, over a rolling 5 year basis net of fees. The portfolio is globally diversified and contains multi asset investments including equities, fixed income, property, absolute return funds and cash. There is no guarantee that the objective will be met or that a positive return will be delivered over any time period and capital is at risk. ASSET ALLOCATION 24.30% FIXED INCOME 55.50% EQUITIES 5.00% PROPERTY 8.80% ALTERNATIVES 6.64% CASH The hopes that the worst of the US/China trade concerns could be behind us lifted equities in Emerging Markets. Economic data from China has been broadly positive and there remains optimism over the Government s stimulus plans to further boost economic expansion. Increasing clarity over the direction and pace of global interest rates provided strong support for longer-dated bonds and our holdings in this space performed well during the month. UK-based inflation-linked bonds also rose during the period as concerns over rising inflation and the possibility of a weaker pound came to the fore. Whilst it s fair to say that global growth is certainly cooling, it appears that, for now at least, markets aren t paying too much attention to the glass half empty recessionary fears that were stealing headlines at the end of last year. It is of course tempting to focus purely on the positives, but with many of the headwinds felt in 2018 remaining present, we prefer instead to focus on the longer-term outlook. TACTICAL DEVIATION FIXED INCOME -1.70% EQUITIES - PROPERTY 0.00% ALTERNATIVES 0.80% CASH 3.40% EQUITY BREAKDOWN 34.23% UNITED KINGDOM 34.23% NORTH AMERICA THIS MONTH S ACTIVITY Once it had become apparent that the UK would not be leaving the EU on the agreed date of 29th March, we reduced exposure to the UK property sector. Initially, the attractive relative undervaluation of UK property, compared with its overseas peers, meant that there was the potential for an upwards re-rating on the back of a positive Brexit outcome. While we are not at a definitive outcome yet, the likelihood of a softer Brexit has seen the sector perform strongly since the start of the year and the attractive valuation gap has narrowed. We have therefore taken the opportunity to capitalise on these gains and move further into the overseas property sector, focusing more on residential and industrial areas in the US and Europe. FIXED INCOME BREAKDOWN 12.61% EUROPE EX UK 7.21% ASIA PACIFIC EX JAPAN 8.11% JAPAN 3.60% EMERGING MARKETS 5 STERLING CORPORATE 11.11% UK GOVERNMENT 5.35% UK INDEX LINKED GOVERNMENT 30.04% GLOBAL BONDS
6 PORTFOLIO HOLDINGS (AS AT 28TH MARCH 2019) ishares - US Equity Index 7.00% Vanguard - Global Bond Index 2.20% L&G - UK 100 Index Trust 6.00% GAM - Star Credit Opportunities 2.10% JPM - Global Macro Opportunities AXA - Framlington Japan Baillie Gifford - American Carmignac - Portfolio Emerging Discovery Schroder - Income JPM - US Equity Income T. Rowe Price - US Smaller Companies Equity Lindsell Train - Japanese Equity Rathbone - Ethical Bond 3.10% Man GLG - Continental European Growth BlackRock - Corporate Bond 2.90% Polar Capital - Global Technology Janus Henderson - UK Absolute Return 2.70% Slater - Growth Vanguard - UK Government Bond Index 2.70% SVM - UK Opportunities FP CRUX - European Special Situations VT - RM Alternative Income 1.60% ishares - Global Property Securities Equity Index ishares - Pacific ex Japan Equity Index JPM - UK Equity Growth Veritas - Asian Jupiter - European BNY Mellon - Emerging Markets Corporate Debt 1.40% Liontrust - Special Situations Newton - Index Linked Gilt 1.30% Pimco GIS - Global Bond M&G - Emerging Markets Bond 1.20% Premier - Pan European Property Share Merian - Asia Pacific 1.00% Royal London - Sterling Extra Yield Bond Legg Mason - IF Japan Equity 0.50% Liontrust - Monthly Income Bond 2.40% Cash 6.40% PORTFOLIO INFORMATION 5 YEAR TARGET RETURN (Net of management and underlying fund fees) CPI +3% MANAGEMENT FEE 0.35% + VAT ESTIMATED ANNUAL INCOME YIELD 1.98% ESTIMATED UNDERLYING FUND CHARGES 0.62% NUMBER OF HOLDINGS 37 BLACKFINCH WEALTH MPS PORTFOLIO MANAGERS GARETH DEACON Gareth co-runs the Blackfinch Wealth Managed Portfolio Service. Gareth has 12 years experience in investment management, with expertise in the construction of mainstream investment products for clients and intermediaries. Gareth is a chartered ALEX SUMNER Alex co-runs the Blackfinch Wealth Managed Portfolio Service. He brings nine years investment management experience, with a strong track record in managing private client portfolios and working closely with financial advisers. Alex is a chartered BLACKFINCH WEALTH IS A TRADING NAME OF BLACKFINCH INVESTMENTS LIMITED. BLACKFINCH INVESTMENTS LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. REGISTERED ADDRESS: MONTPELLIER COURT, GLOUCESTER BUSINESS PARK, GLOUCESTER, GL3 4AH. The value of investments and any income from them can fall and you may get back less than you invested. This factsheet is based on a model portfolio. No guarantee can be made as to the composition of any individual portfolio. All figures are correct at the time of compilation. The investment strategy is designed to be applied over a 5 year period and beyond. It is however possible to withdraw capital before this timeframe as all assets held within the portfolio are liquid and trade on a daily basis, however, trading over a shorter term increases the likelihood that target returns will not be met. Any decision to invest in this service should not be based solely on this factsheet but rather made in conjuction with the information contained in the brochure, and the terms and conditions. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of investing and the risk involved. Prospective investors should not treat the contents of this factsheet as advice relating to legal, taxation or other matters. If in any doubt about the proposal discussed in this factsheet, its suitability, or what action should be taken, the investor should consult their own professional advisers. The independent risk profile scores are only for use by financial advisers licensed to use them and do not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. All statements of opinion and/or belief contained in this factsheet and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Blackfinch s own assessment and interpretation of information available as at the date of this publication (March 2019). This factsheet does not constitute, and may not be used for the purposes of, an offer or invitation to treat by any person in any jurisdiction outside the United Kingdom. This factsheet and the information contained in it are not for publication or distribution to persons outside the United Kingdom. The Blackfinch Wealth Managed Portfolio Service may not be suitable for all investors and we would recommend that prospective investors seek independent advice before making a decision. Percentages may not add up to 100 due to rounding.
7 Managed Portfolio Service Growth Portfolio Factsheet MARCH 2019 MARKET OVERVIEW The cautiously optimistic tones that have been heard across markets this year continued throughout the month of March. US markets in particular enjoyed a period of relative outperformance, aided in part by robust economic data and a rally in technology stocks that, to date, have managed to reverse nearly all of their losses incurred in the last quarter of Even domestic markets, which continue to be hampered by the issues around Brexit, managed to post moderate gains over the month. The increasing probability of a softer Brexit has helped lift the pound and has also provided some support for small and medium-sized UK companies which would be most at risk from a hard landing. INVESTMENT OBJECTIVE The Growth portfolio is designed to achieve a total return in excess of the Consumer Price Index plus 4% per annum, over a rolling 5 year basis net of fees. The portfolio is globally diversified and contains multi asset investments including equities, fixed income, property, absolute return funds and cash. There is no guarantee that the objective will be met or that a positive return will be delivered over any time period and capital is at risk. ASSET ALLOCATION 14.80% FIXED INCOME 68.00% EQUITIES 5.00% PROPERTY 6.30% ALTERNATIVES 5.90% CASH The hopes that the worst of the US/China trade concerns could be behind us lifted equities in Emerging Markets. Economic data from China has been broadly positive and there remains optimism over the Government s stimulus plans to further boost economic expansion. Increasing clarity over the direction and pace of global interest rates provided strong support for longer-dated bonds and our holdings in this space performed well during the month. UK-based inflation-linked bonds also rose during the period as concerns over rising inflation and the possibility of a weaker pound came to the fore. Whilst it s fair to say that global growth is certainly cooling, it appears that, for now at least, markets aren t paying too much attention to the glass half empty recessionary fears that were stealing headlines at the end of last year. It is of course tempting to focus purely on the positives, but with many of the headwinds felt in 2018 remaining present, we prefer instead to focus on the longer-term outlook. TACTICAL DEVIATION FIXED INCOME -0.20% EQUITIES - PROPERTY 0.00% ALTERNATIVES -0.70% CASH 2.90% EQUITY BREAKDOWN 26.47% UNITED KINGDOM 27.94% NORTH AMERICA THIS MONTH S ACTIVITY Once it had become apparent that the UK would not be leaving the EU on the agreed date of 29th March, we reduced exposure to the UK property sector. Initially, the attractive relative undervaluation of UK property, compared with its overseas peers, meant that there was the potential for an upwards re-rating on the back of a positive Brexit outcome. While we are not at a definitive outcome yet, the likelihood of a softer Brexit has seen the sector perform strongly since the start of the year and the attractive valuation gap has narrowed. We have therefore taken the opportunity to capitalise on these gains and move further into the overseas property sector, focusing more on residential and industrial areas in the US and Europe. FIXED INCOME BREAKDOWN 17.65% EUROPE EX UK 10.29% ASIA PACIFIC EX JAPAN 8.82% JAPAN 8.82% EMERGING MARKETS 54.05% STERLING CORPORATE 12.16% UK GOVERNMENT 0.00% UK INDEX LINKED GOVERNMENT 33.78% GLOBAL BONDS
8 PORTFOLIO HOLDINGS (AS AT 28TH MARCH 2019) ishares - US Equity Index 7.00% Lindsell Train - Japanese Equity 2.30% L&G - UK 100 Index Trust 5.00% BNY Mellon - Emerging Markets Corporate Debt Baillie Gifford - American 4.40% FP CRUX - European Special Situations ishares - Emerging Markets Equity Index Hermes - Global Emerging Markets T. Rowe Price - US Smaller Companies Equity Janus Henderson - UK Absolute Return Polar Capital - Global Technology 3.60% Legg Mason - IF Japan Equity JPM - UK Equity Growth Merian - Asia Pacific Jupiter - European Merian - UK Mid Cap Man GLG - Continental European Growth Vanguard - UK Government Bond Index 1.80% Royal London - Corporate Bond AXA - Framlington Japan 1.70% Schroder - Income GAM - Star Credit Opportunities 1.70% Veritas - Asian M&G - Emerging Markets Bond 1.60% JPM - Global Macro Opportunities Baillie Gifford - Greater China Marlborough - European Multi-Cap Jupiter - UK Smaller Companies Rathbone - Ethical Bond 2.80% Pimco GIS - Global Bond 1.40% ishares - Global Property Securities Equity Index VT - RM Alternative Income 1.30% Premier - Pan European Property Share Cash 5.90% Slater - Growth PORTFOLIO INFORMATION 5 YEAR TARGET RETURN (Net of management and underlying fund fees) CPI +4% MANAGEMENT FEE 0.35% + VAT ESTIMATED ANNUAL INCOME YIELD 1.71% ESTIMATED UNDERLYING FUND CHARGES 0.66% NUMBER OF HOLDINGS 34 BLACKFINCH WEALTH MPS PORTFOLIO MANAGERS GARETH DEACON Gareth co-runs the Blackfinch Wealth Managed Portfolio Service. Gareth has 12 years experience in investment management, with expertise in the construction of mainstream investment products for clients and intermediaries. Gareth is a chartered ALEX SUMNER Alex co-runs the Blackfinch Wealth Managed Portfolio Service. He brings nine years investment management experience, with a strong track record in managing private client portfolios and working closely with financial advisers. Alex is a chartered BLACKFINCH WEALTH IS A TRADING NAME OF BLACKFINCH INVESTMENTS LIMITED. BLACKFINCH INVESTMENTS LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. REGISTERED ADDRESS: MONTPELLIER COURT, GLOUCESTER BUSINESS PARK, GLOUCESTER, GL3 4AH. The value of investments and any income from them can fall and you may get back less than you invested. This factsheet is based on a model portfolio. No guarantee can be made as to the composition of any individual portfolio. All figures are correct at the time of compilation. The investment strategy is designed to be applied over a 5 year period and beyond. It is however possible to withdraw capital before this timeframe as all assets held within the portfolio are liquid and trade on a daily basis, however, trading over a shorter term increases the likelihood that target returns will not be met. Any decision to invest in this service should not be based solely on this factsheet but rather made in conjuction with the information contained in the brochure, and the terms and conditions. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of investing and the risk involved. Prospective investors should not treat the contents of this factsheet as advice relating to legal, taxation or other matters. If in any doubt about the proposal discussed in this factsheet, its suitability, or what action should be taken, the investor should consult their own professional advisers. The independent risk profile scores are only for use by financial advisers licensed to use them and do not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. All statements of opinion and/or belief contained in this factsheet and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Blackfinch s own assessment and interpretation of information available as at the date of this publication (March 2019). This factsheet does not constitute, and may not be used for the purposes of, an offer or invitation to treat by any person in any jurisdiction outside the United Kingdom. This factsheet and the information contained in it are not for publication or distribution to persons outside the United Kingdom. The Blackfinch Wealth Managed Portfolio Service may not be suitable for all investors and we would recommend that prospective investors seek independent advice before making a decision. Percentages may not add up to 100 due to rounding.
9 Managed Portfolio Service Enhanced Growth Portfolio Factsheet MARCH 2019 MARKET OVERVIEW The cautiously optimistic tones that have been heard across markets this year continued throughout the month of March. US markets in particular enjoyed a period of relative outperformance, aided in part by robust economic data and a rally in technology stocks that, to date, have managed to reverse nearly all of their losses incurred in the last quarter of Even domestic markets, which continue to be hampered by the issues around Brexit, managed to post moderate gains over the month. The increasing probability of a softer Brexit has helped lift the pound and has also provided some support for small and medium-sized UK companies which would be most at risk from a hard landing. INVESTMENT OBJECTIVE The Enhanced Growth portfolio is designed to achieve a total return in excess of the Consumer Price Index plus 5% per annum, over a rolling 5 year basis net of fees. The portfolio is globally diversified and contains multi asset investments including equities, fixed income, property, absolute return funds and cash. There is no guarantee that the objective will be met or that a positive return will be delivered over any time period and capital is at risk. ASSET ALLOCATION 5.00% FIXED INCOME 80.20% EQUITIES 5.00% PROPERTY 4.30% ALTERNATIVES 5.50% CASH The hopes that the worst of the US/China trade concerns could be behind us lifted equities in Emerging Markets. Economic data from China has been broadly positive and there remains optimism over the Government s stimulus plans to further boost economic expansion. Increasing clarity over the direction and pace of global interest rates provided strong support for longer-dated bonds and our holdings in this space performed well during the month. UK-based inflation-linked bonds also rose during the period as concerns over rising inflation and the possibility of a weaker pound came to the fore. Whilst it s fair to say that global growth is certainly cooling, it appears that, for now at least, markets aren t paying too much attention to the glass half empty recessionary fears that were stealing headlines at the end of last year. It is of course tempting to focus purely on the positives, but with many of the headwinds felt in 2018 remaining present, we prefer instead to focus on the longer-term outlook. TACTICAL DEVIATION FIXED INCOME 0.00% EQUITIES -1.30% PROPERTY 0.00% ALTERNATIVES -2.20% CASH EQUITY BREAKDOWN 21.20% UNITED KINGDOM 26.06% NORTH AMERICA THIS MONTH S ACTIVITY Once it had become apparent that the UK would not be leaving the EU on the agreed date of 29th March, we reduced exposure to the UK property sector. Initially, the attractive relative undervaluation of UK property, compared with its overseas peers, meant that there was the potential for an upwards re-rating on the back of a positive Brexit outcome. While we are not at a definitive outcome yet, the likelihood of a softer Brexit has seen the sector perform strongly since the start of the year and the attractive valuation gap has narrowed. We have therefore taken the opportunity to capitalise on these gains and move further into the overseas property sector, focusing more on residential and industrial areas in the US and Europe. FIXED INCOME BREAKDOWN 18.45% EUROPE EX UK 11.22% ASIA PACIFIC EX JAPAN 10.60% JAPAN 12.47% EMERGING MARKETS 50.00% STERLING CORPORATE 0.00% UK GOVERNMENT 0.00% UK INDEX LINKED GOVERNMENT 50.00% GLOBAL BONDS
10 PORTFOLIO HOLDINGS (AS AT 28TH MARCH 2019) ishares - US Equity Index 7.00% Jupiter - UK Smaller Companies ishares - Emerging Markets Equity Index 6.00% Merian - Asia Pacific Man GLG - Continental European Growth 5.00% Merian - UK Mid Cap Baillie Gifford - American 4.90% Premier - Pan European Property Share L&G - UK 100 Index Trust Schroder - Income Polar Capital - Global Technology Slater - Growth T. Rowe Price - US Smaller Companies Equity AXA - Framlington Japan 2.30% Veritas - Asian Baillie Gifford - Greater China Hermes - Global Emerging Markets FP CRUX - European Special Situations Jupiter - European Janus Henderson - UK Absolute Return 1.70% Marlborough - European Multi-Cap 3.80% M&G - Emerging Markets Bond 1.30% Legg Mason - IF Japan Equity 3.20% Royal London - Corporate Bond 1.30% Lindsell Train - Japanese Equity BNY Mellon - Emerging Markets Corporate Debt 1.20% JPM - Global Macro Opportunities 2.60% GAM - Star Credit Opportunities 1.20% ishares - Global Property Securities Equity Index Cash 5.50% JPM - UK Equity Growth PORTFOLIO INFORMATION 5 YEAR TARGET RETURN (Net of management and underlying fund fees) CPI +5% MANAGEMENT FEE 0.35% + VAT ESTIMATED ANNUAL INCOME YIELD 1.35% ESTIMATED UNDERLYING FUND CHARGES 0.70% NUMBER OF HOLDINGS 30 BLACKFINCH WEALTH MPS PORTFOLIO MANAGERS GARETH DEACON Gareth co-runs the Blackfinch Wealth Managed Portfolio Service. Gareth has 12 years experience in investment management, with expertise in the construction of mainstream investment products for clients and intermediaries. Gareth is a chartered ALEX SUMNER Alex co-runs the Blackfinch Wealth Managed Portfolio Service. He brings nine years investment management experience, with a strong track record in managing private client portfolios and working closely with financial advisers. Alex is a chartered BLACKFINCH WEALTH IS A TRADING NAME OF BLACKFINCH INVESTMENTS LIMITED. BLACKFINCH INVESTMENTS LIMITED IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY. REGISTERED ADDRESS: MONTPELLIER COURT, GLOUCESTER BUSINESS PARK, GLOUCESTER, GL3 4AH. The value of investments and any income from them can fall and you may get back less than you invested. This factsheet is based on a model portfolio. No guarantee can be made as to the composition of any individual portfolio. All figures are correct at the time of compilation. The investment strategy is designed to be applied over a 5 year period and beyond. It is however possible to withdraw capital before this timeframe as all assets held within the portfolio are liquid and trade on a daily basis, however, trading over a shorter term increases the likelihood that target returns will not be met. Any decision to invest in this service should not be based solely on this factsheet but rather made in conjuction with the information contained in the brochure, and the terms and conditions. Prospective investors must rely on their own examination of the legal, taxation, financial and other consequences of investing and the risk involved. Prospective investors should not treat the contents of this factsheet as advice relating to legal, taxation or other matters. If in any doubt about the proposal discussed in this factsheet, its suitability, or what action should be taken, the investor should consult their own professional advisers. The independent risk profile scores are only for use by financial advisers licensed to use them and do not constitute financial advice. It is the responsibility of the adviser to select the correct model appropriate for the client s time horizon and objective. All statements of opinion and/or belief contained in this factsheet and all views expressed and all projections, forecasts or statements relating to expectations regarding future events represent Blackfinch s own assessment and interpretation of information available as at the date of this publication (March 2019). This factsheet does not constitute, and may not be used for the purposes of, an offer or invitation to treat by any person in any jurisdiction outside the United Kingdom. This factsheet and the information contained in it are not for publication or distribution to persons outside the United Kingdom. The Blackfinch Wealth Managed Portfolio Service may not be suitable for all investors and we would recommend that prospective investors seek independent advice before making a decision. Percentages may not add up to 100 due to rounding.
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